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Urban Partners Loses One

Another LA-based developer is turning over the keys on a project to Corus Ventures LLC, the Starwood-FDIC entity. Urban Partners, which developed Wilshire Vermont Station, and numerous other area projects, had a deadline to come up with new funds or face foreclosure on its Seattle-area condo project. Via the Seattle PI: "Transfer of the ownership, which was announced early Friday morning, came after months of negotiations failed to produce a restructuring of a debt of $38.5 million." More on the situation via Highline Times. [Seattle PI/Highline]